Vietnam Eases Foreign Currency Controls

Vietnam has decided to loosen restrictions on the use of foreign currencies in the country. ngoaite_199.gif

In a decree issued October 18, the government said Vietnamese and foreigners were now free to pay in foreign currencies and send foreign currencies within the country’s territory without permission.

Citigroup Vietnam Launches New Product

Citigroup Vietnam introduced a new product, Accounts Receivable Finance Program (ARFP), at a seminar last Friday.

Speaking at the seminar, attended by over 60 foreign and local companies, Charly Madan, Citigroup country officer in Vietnam, said with the country's integration into the world economy, ARFP could become one of the most effective instruments in a market that relied heavily on collateral.

Vietnam to start Building First Oil Refinery Next Month

The French group Technip is to inaugurate the construction Dzung Quat, Vietnam’s first oil refinery in central Quang Ngai province on November 21-25, an Asia Pacific representative of the group said.

The preparation for the construction had been carried out smoothly, Gerard de la Rosa, an official of Technip Asia Pacific told leaders of Quang Ngai, 850km (530 miles) south of Hanoi, during a meeting last Saturday.

The Dzung Quat plant included the refinery, a seaport, storage facilities and pipelines.

Vietnam to Start Marketing $500 Million Bond This Week

Vietnam will start marketing $500 million in bonds to international investors this week, marking its first sovereign debt issue after considering such a sale for more than a decade, a market source said Monday.

Vietnam will launch presentations on the January 2016 bonds on Thursday and they would continue next week, a market source said. The funds will be invested in a shipyard.

Analysts and fund managers said the issue should be met with favorable demand, despite a rising risk aversion in global markets.

Vietnam Job Website Enters Top 100 Asian Private Companies, a major job website in Vietnam has been selected as one of the Top 100 Private Companies in Asia, according to the US media company Red Herring.

The Red Herring magazine’s editors have selected 100 winners from 500 applications and nominations based on criteria including the quality of technology, the experience of management teams, the clout of customers and partners, and financing, according to the Red Herring website.

Vietnam’s State-owned Corp Hunts for Foreign CEO

Three candidates from Japan, Poland and South Korea have applied for the post of CEO of the Vietnamese state-owned shipbuilding corporation Vinashin, local Sai Gon Giai Phong newspaper reported Wednesday.

The paper quoted an inside source as saying that all the candidates were well qualified and experienced for the job. They were all running shipbuilding enterprises of the same scope as Vinashin, the source said.

Vietnam Woodwork Makers Find Novel Ways to US Market

While many Vietnamese woodwork producers struggle to boost sales to the US, some are endeavoring to carve their own path to the lucrative market with innovative designs.

Currently, local companies mainly produce woodwork from imported materials custom designed by foreign buyers, thus making little profit.

Now, producers have turned to increasing the standard of carvings and design of wooden products to raise their value, and boost sales to the American market.

Chevron, Petronas Win right to explore Vietnam oil block

US oil giant Chevron Corp. and Malaysia's Petronas Carigali have won exploration and production rights for an oil block off central Vietnam coast, Down Jones newswire reported Wednesday.

The two companies have each won a 50% stake in Block 122 in Phu Khanh basin, Tran Duc Chinh, the director of PetroVietnam's Exploration & Production Department, told Dow Jones Newswires.

Vietnam Gov’t Guarantees Offshore Gas Block Project

Vietnam’s government and three foreign oil and gas corporations signed in Hanoi Friday an agreement on the former's guarantee and commitment to developing gas block 11.2 on Vietnam's continental shelf.

Foreign parties to the Government Guarantees and Undertakings (GGU) Agreement were the Korea National Oil Corporation (KNOC), the BP Pipelines Vietnam B.V. (BP) and Conoco Phillips Vietnam A.S. (COP).

Vietnam to Launch Third Airline Next Year

Vietnam Airlines is working on a project to transform a service company into an independent carrier, Vietnam’s third.

The Vietnam Aviation Service Company Ltd. (VASCO) was expected to begin operations in January 2006, deputy head of Vietnam Airlines’ Enterprise Reform Department, Tran Dinh Hung, said.

Once approved by the government, VASCO would take wings internationally rather than domestically, he said.